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"Pentagon May Come To Regret Prioritizing R&D Spending Over Weapons It Needs Now" by Loren Thompson
Byron Callan was quoted in Loren Thompson's Forbes article, "Pentagon May Come To Regret Prioritizing R&D Spending Over Weapons It Needs Now," published on March 8, 2019.
The article reads:
"History shows that surges of spending for new weapons don’t last long. As Byron Callan of Capital Alpha Partners points out in a March 5 note, by the time President Reagan’s second term began, Congress had grown so concerned about rising deficits that it started to put the brakes on military modernization. That could easily happen again, because the federal debt is so big now that a 1% increase in interest rates would raise the government’s annual cost of debt service by over $200 billion."